Greatland Gold PLC (AIM:GGP, OTC:GRLGF) said that it remains fully committed to delivering the potential of the Havieron gold deposit at Paterson in Western Australia having been the company that made the discovery.
In February, Greatland’s joint venture partner Newmont put its 70% stake up for sale along with the nearby Telfer mine, which is seen as a likely recipient of ore from Havieron.
In a statement with its half-year results, Greatland reiterated that under their agreement it holds a right of last refusal in respect of a sale by Newmont of its joint venture interest in Havieron to a third party.
Newmont also assumed management of the Juri joint venture, again in the Paterson region near Havieron, last July since when Greatland has been focused on the 100% tenements it owns at Scallywag, Canning, Ernest Giles and Panorama.
Results for the half year to the end of December 2023 showed a closing cash position of £12.7 million (30 June 2023: £31.1 million) after capitalised project costs at Havieron of £12.3 million.
Debt at the period end was £41.1 million with net assets of £49.9 million (30 June 2023: £52.5 million).
Exploration expenses were £2.7 million (31 December 2022: £1.7 million) with a statutory loss of £5.5 million (31 December 2022: £13.3 million).